People save thinking about future security. Banks are one of the most trusted places for savings. Recently, customers are hesitant due to the liquidity crisis in some banks. However, with various government initiatives, the crisis in banks is being overcome, and customer confidence has also started to return. Many people are thinking about saving thinking about future financial security.
In which bank will you get a little more profit, it is important for the customer, as well as how much money you can save. For example, the name of depositing a certain amount of money every month is Deposit Pension Scheme or Monthly Savings Scheme (DPS). DPS has different names in different banks. In contrast, banks pay monthly, quarterly, six-monthly and annual interest or profit.
In addition, there is an opportunity for customers to make FDR. In this, there is an opportunity to save in banks for a minimum period of three months to three years or more. The interest paid on these savings is called the Fixed Deposit Rate (FDR).
According to Bangladesh Bank, the interest rates of the 61 existing banks in the country at the end of December 2024 were different. Banks are offering interest on FDR for different periods from 3 percent to a maximum of 13 percent. Nine banks in the country, including state-owned and specialized banks, are offering interest on FDR for different periods from 3 to a maximum of 10.5 percent. And the interest rate on general deposits is from 3 to 4.5 percent.
The state-owned BASIC Bank is offering the highest interest. The bank is offering interest for periods of less than three to six months from 7 to 9.25 percent. For periods of less than six months to one year, the bank is offering interest from 7.25 percent to 10 percent, for periods of one to three years from 7.5 to 9.50 percent. And for deposits of more than three years, BASIC Bank is offering interest of 10.67 percent. In addition, state-owned Sonali, Agrani, Rupali, Janata, BDBL, PKB, Rakab and BKB are offering interest rates ranging from 6.32 to 9 percent to depositors.
Among private banks, the new fourth-generation banks are offering the highest interest rates. These banks include Midland, Meghna, Padma Bank, Union, Madhumoti, SBAC Expatriate Entrepreneurs’ NRB Bank, NRB Commercial Bank, Citizen and Global Islami. Customers will get 2 to 8 percent interest on ordinary savings in these banks. Term deposits will get 4 to 11 percent. Some fourth-generation banks are offering a maximum interest rate of 12 to 13 percent on term deposits.
Among private commercial banks, NRB Bank is offering the highest interest rates. The bank is offering interest rates ranging from 5 to 10.50 percent for three to six months and 6.50 percent to 10.75 percent for six months to more than a year. Interest on deposits for more than three years is 12 to 13.46 percent. South Bangla Agriculture and Commerce Bank (SABC) is offering 5 percent to 12 percent interest on fixed deposits for three months to three years or more.
NRBC is offering 9.75 to 11.25 percent interest for three months to three years or more. Bengal Bank, Citizen, Meghna and Global Islami Bank are offering the same amount of interest. AB Bank is offering 12 percent interest on term deposits. In addition, several banks including BRAC Bank, Dhaka Bank, Commerce Bank, IFIC, ICB, Mercantile, Premier, Uttara and National are offering 7 to 11 percent interest.
Islami Bank Bangladesh, the largest of the country’s Sharia-based full-fledged Islamic banks, is offering 10.5 to 11 percent profit on various term savings and Exim Bank is offering 10.50 to 11.50 percent profit on various term savings. In addition, Al-Arafah, Social Islamic, First Security, Shahjalal, Exim, Union, ICB Islamic Global and Standard Bank are offering 9 to 11 percent profit.
However, foreign banks collect less deposits. Due to this, their interest rates are also low. Foreign banks offer interest rates ranging from 4 to 9 percent on term deposits. Commercial Bank of Ceylon offers interest rates of over 11.5 percent on deposits of three years and above. National Bank of Pakistan offers interest rates of 6 to about 9 percent, Habib Bank offers the highest interest rates of 7 to 11 percent. Standard Chartered Bank has the lowest interest rate among foreign banks. The interest rate on deposits of this foreign sector bank is 2 percent. In addition, HSBC and Ori Bank offer interest rates of 1 to 6 percent.
